Indonesia’s Crypto Scene: Government Plans to Shake Things Up

Tax Troubles

Indonesia’s crypto market is going through a rough patch. Bitcoin’s price shot up in 2023, but the government’s tax revenue from crypto crashed by over 60%. This has raised questions about the current tax system.

Dual Taxation

Indonesia has a double-tax system for crypto transactions, which means you get taxed twice. This has been criticized for slowing down the market. The government is looking into it.

Regulatory Changes

In 2025, crypto regulation will move from Bappebti to the Financial Services Authority (OJK). This could lead to a more complete set of rules and maybe even changes to the tax system.

Balancing Act

The government wants to encourage crypto growth, but it’s also worried about risks. They recently banned crypto payments for tourists in Bali.

What’s Next?

It’s not clear yet what the exact changes will be, but it’s clear that Indonesia is trying to figure out how to deal with crypto. The next few months will probably bring more developments.